How to Deposit Cash at an Online Bank - Experian (2024)

In this article:

  • Deposit Cash in a Store
  • Find a Local ATM
  • Buy a Money Order
  • Bank Locally, Transfer Online
  • Get a Prepaid Debit Card

Depositing checks online is easy. But, if you use an online bank, depositing cash can be a challenge. Without a physical branch to accept your money, you may need to take a few extra steps to deposit your cash safely.

Online-only banks typically offer high rates on loans and savings, along with plenty of digital tools to make managing your money a snap. Handling cash, however, isn't necessarily a selling point. In fact, some don't accept cash deposits at all.

If you need to deposit cash with your online bank, and your bank allows it, consider the following options.

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ADDITIONAL FEATURES

  • Build credit by paying bills like utilities, streaming services and rentØ
  • $50 bonus with direct deposit
  • No monthly fees, no minimums
  • Secure & FDIC insured up to $250,000§
  • Zero liability for fraudulent purchasesʫ
  • 55,000+ no-fee ATMs worldwide**
  • Deposit cash at popular retailers#
  • Live customer support 7 days a week

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ADDITIONAL FEATURES

  • Build credit by paying bills like utilities, streaming services and rentØ
  • $50 bonus with direct deposit
  • No monthly fees, no minimums
  • Secure & FDIC insured up to $250,000§
  • Zero liability for fraudulent purchasesʫ
  • 55,000+ no-fee ATMs worldwide**
  • Deposit cash at popular retailers#
  • Live customer support 7 days a week

Banking services provided by Community Federal Savings Bank, Member FDIC. Experian is not a bank.

Deposit Cash in a Store

Some online banks partner with retailers like Walgreens, CVS and 7-Eleven to accept cash deposits in-store at participating locations nationwide using your banking app or debit card. Check with your online bank to find out whether they offer in-store cash deposits, and to get details on how to make a deposit, possible fees involved and funds availability.

Pros

  • Going to a retail location may be more convenient than visiting a branch. Locations are plentiful and may be open during hours when traditional bank branches are closed.
  • In-store cash deposits are sometimes fee-free, though you should check with your bank for confirmation.
  • Your funds may be available within minutes, or at least on the same day.

Cons

  • Some online banks don't offer this service.
  • There may be limits on the size and frequency of in-store cash deposits.
  • Retailers may charge for processing deposits. In-store deposits through the Green Dot Network cost $4.95, for example.

Find a Local ATM

Good news: Many online banks offer access to ATM networks with locations nationwide. The bad news: Many ATMs will be out of network and won't accept your deposit. And even in-network ATMs may not accept cash deposits. Start by asking your bank whether and where they accept ATM cash deposits—and what alternatives they suggest if depositing cash at an ATM is not an option.

Pros

  • Your online bank may participate in an ATM network that has thousands of fee-free locations nationwide.
  • You can use your bank's online or in-app ATM locator to find a location near you.

Cons

  • Not all ATMs take cash deposits. You may need to do a bit of extra detective work to find an ATM that does what you need.
  • Not all cash-taking ATMs are in your bank's deposit network. Typically, banks only accept deposits at in-network ATMs. Before you feed your precious cash into an ATM, make sure the deposit will go through to your online account.
  • Safety can be a concern. If you need to deposit a large amount of cash, make sure you aren't fumbling around with it at the ATM. Count your cash and put it in an envelope before you go. Use a location that's well-lit and be aware of your surroundings at all times.

Buy a Money Order

While depositing cash online can be a challenge, depositing a money order may not be. You can use cash to purchase a money order (made out to yourself) at a bank, post office or participating retailer, then deposit your money order using your mobile banking app.

Pros

  • Money orders are widely available. You can typically purchase one from a bank, credit union, post office or supermarket.
  • While they do cost money, money orders aren't expensive. Typical fees are in the $1 to $5 range.

Cons

  • Getting a money order is a minor inconvenience. You have to visit a location and do an in-person transaction.
  • Check with your online bank to make sure your mobile deposit feature accepts money orders. If not, you may be able to get a cashier's check from a local bank or credit union, which may cost a bit more but functions like any other check you deposit to your account.

Bank Locally, Transfer Online

If you have an account at a local bank or credit union, you can deposit your cash there and transfer the money to your online account using any of the following means:

  • Write yourself a check and deposit it with your banking app.
  • Set up a bank-to-bank (ACH) transfer to send money electronically to your linked account.
  • Use a service like Zelle to transfer money instantly from account to account.

Pros

  • It's a good idea to set up online transfers between your local account and your online accounts so you can move money between them anyway. Chances are, you've already done this.
  • Transfers like these are often fee-free, unless you pay a per-check charge for writing checks.

Cons

  • Visiting a bank branch and then doing an online transfer still involves multiple steps.
  • ACH transfers can take up to three days to post, which may hold up access to your funds.

Get a Prepaid Debit Card

You can purchase prepaid debit cards with cash, then transfer funds to your online account. Some prepaid cards are reloadable, so you can add cash to your prepaid balance at any time. Find out how to transfer money from your prepaid card to your bank account by visiting the card's website. You should be able to transfer funds using your bank's routing number and your account number.

Pros

  • Prepaid debit cards are readily available from retailers like Target and Walmart, or at supermarkets. Your bank or credit union may also offer them.
  • In a pinch, you can use the prepaid card to make purchases or pay bills instead of depositing the money into your bank account.

Cons

  • Prepaid debit cards usually have fees attached. Typical fees include card activation, monthly maintenance, ATM and international transaction fees. You may even pay to load your card or use it to spend.
  • If you forget to register your prepaid card, your card may not be protected from loss, theft or fraud.

The Bottom Line

If depositing cash is a rare occurrence for you, using any of these methods will get the job done. If you have a frequent need to make cash deposits—for instance, if you work as a bartender or hair stylist and make cash tips—it may be a higher priority to make sure your online bank account offers a convenient (and affordable) way to accept cash.

You may want to look for an online bank that accepts fee-free deposits at a local retail location or ATM, or consider maintaining a checking account locally and high-yield savings, certificates of deposit (CDs) or money market accounts at an online bank to take advantage of exceptional rates.

How to Deposit Cash at an Online Bank - Experian (2024)

FAQs

How to deposit cash into Experian checking account? ›

There are 3 ways to deposit money into your digital checking account:
  1. Set up direct deposit.
  2. Transfer from your other bank accounts.
  3. Deposit cash at popular retailers including CVS Pharmacy, 7-Eleven and Walmart. #

How do I deposit cash into an online bank? ›

If your online bank is part of an ATM network, you can deposit cash into your online account via a linked cash machine. You can also consider getting a reloadable prepaid debit card that you can deposit cash onto and link it to your online bank account.

How to deposit cash in a bank account? ›

Wondering how to deposit cash in bank accounts without hassle? Simply go to your bank branch and fill out a deposit slip with your account number and the amount you are depositing. Hand the slip and your cash to the representative, who will process the transaction and provide you with a receipt for your records.

Is Experian digital banking legit? ›

Banking services provided by CFSB, Member FDIC. Experian is a Program Manager, not a bank. Funds in your Experian Smart Money™ Digital Checking Account are held in a pooled deposit account at Community Federal Savings Bank and insured up to $250,000 for each account ownership category. Learn more at FDIC.gov.

How can I put cash into my bank account? ›

There are several options for paying money into your account in branch using cash or cheque.
  1. In person - Deposit a cash amount into your bank account at the desk.
  2. Self-service machine - Many banks now have self-service machines that will deposit money into your account for you.

How to deposit cash without an ATM card? ›

Depositing money in an atm without a card

Enter the account number you want to deposit money into. The account holder's name will appear on the machine. Click "Enter" if the displayed name is accurate. Click "Continue" after placing the cash in the cash deposit slot.

How do I put money into my bank account from cash? ›

You can also cash out online:
  1. Log into your Cash App account at cash. app/account.
  2. On the left, click Money.
  3. Click Cash Out under your Cash Balance.
  4. Choose or enter an amount and click Continue.
  5. Select your bank account and deposit speed, then click Cash Out.

Can you deposit money at an ATM that isn't your bank? ›

Can you deposit cash at an ATM that isn't your bank? Most banks don't allow you to deposit cash at an ATM that's out-of-network. The banks that do accept cash deposits through out-of-network ATMs often charge an extra fee — and, typically, require longer processing periods.

How do I deposit money into my cash account? ›

Add Cash
  1. Tap the Money tab on your Cash App home screen.
  2. Press Add Cash.
  3. Choose an amount.
  4. Tap Add.
  5. Use Touch ID or enter your PIN to confirm.

Is it safe to put your bank account on Experian? ›

Experian uses bank-level encryption and a trusted third-party service to link your bank accounts. The links power the Experian Boost and Personal Finances tools, and they're generally safe and secure.

What are the disadvantages of Experian? ›

The main disadvantage of Experian is that, unlike FICO, it is rarely used as a stand-alone tool to make credit decisions. Even lenders that review credit reports in detail rather than go off a borrower's numerical score often look at results from all three bureaus, not just Experian.

Is Experian a good bank? ›

Yes, Experian Smart Money is a legitimate checking account and debit card. Funds are held at Community Federal Savings Bank, a Member FDIC bank, so your deposits are insured for up to $250,000.

Can cash be deposited into a checking account? ›

Deposits are typically made to checking or savings accounts, including certificates of deposit (CDs) and money market accounts. You can make bank deposits in numerous ways: with cash as well as checks, direct deposits, money transfers and ATM deposits.

Can you deposit cash into an ATM? ›

If you're wondering if you can deposit cash at an ATM, the answer is yes, you can, but not all ATMs accept cash. The details, including fees, vary depending on your bank, and if you use a bank that operates only online, you may not be able to deposit any cash at all.

Where can I deposit cash for Discover bank? ›

How do I add cash to my Discover Bank checking or money market account? It's easy! Simply bring your contactless Discover debit card and cash to any Walmart and ask the Walmart cashier to add the cash directly to your Discover Bank account.

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